Confidence in the housing market is at its lowest point since 2011, after eight straight months of declines, according to Fannie Maes Home Purchase Sentiment Index.
In October, only 16% of respondents to Fannie Maes monthly national housing survey said they think now is a good time to buy a home.
Fifty-one percent of respondents said they think now is a good time to sell a home, while 37% expect home prices to drop in the next year.
Consumers are increasingly pessimistic about both homebuying and home-selling conditions,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist.
As continued affordability constraints reduce homebuyer demand, and homeowners become reluctant to sell at potentially reduced prices, we expect home sales to slow even further,” he said.
